The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations in Montana regarding the June 23 deadline to apply for federal disaster loans aimed at mitigating economic losses due to drought conditions that began on October 15, 2024.
The SBA's announcement highlights the availability of its Economic Injury Disaster Loan (EIDL) program for eligible entities in affected Montana counties, including Big Horn, Custer, Dawson, Garfield, McCone, Musselshell, Petroleum, Powder River, Prairie, Richland, Rosebud, Treasure, Wibaux and Yellowstone. The EIDL program is designed to support small businesses, small agricultural cooperatives, nurseries and private nonprofits that have experienced financial setbacks as a result of the drought. However, the program does not extend assistance to agricultural producers such as farmers or ranchers unless they are involved in aquaculture.
Chris Stallings from the SBA stated: "Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover." He further noted the agency's commitment: "We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters."
Eligible applicants can secure loans up to $2 million with interest rates set at 4% for small businesses and 3.25% for PNPs. These loans can be used for various operational needs such as paying fixed debts and payroll. Importantly, interest does not accrue nor are payments required until one year after receiving the first loan disbursement.
Those interested in applying can do so online via sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 for more details. The completed applications must be submitted by June 23.
The SBA continues its mission of supporting American entrepreneurs through resources necessary for business growth and recovery from declared disasters.